Total amount raised
$2.2B+
Latest funding date
2025-10-30
Location
PhonePe has raised significant capital through multiple funding rounds backed by prominent global investors including General Atlantic, Walmart, Tiger Global Management, Ribbit Capital, and Flipkart.
Keep reading to explore PhonePe's full fundraising journey, its key investors, and what lies ahead for one of India's most valuable fintech companies.
What Is PhonePe?
PhonePe is a leading Indian digital payments and financial services platform founded in 2015 and headquartered in Bengaluru, India. Built on the Unified Payments Interface (UPI) framework, PhonePe enables users to make instant bank-to-bank transfers, pay bills, recharge mobile phones, purchase insurance, invest in mutual funds, and access a broad range of financial services. With over 600 million registered users and commanding approximately 49% of India's UPI transaction volume, PhonePe is one of the dominant players in India's rapidly growing digital payments ecosystem. The company was acquired by Flipkart in 2016 and subsequently spun off as an independent entity in December 2020 following Walmart's majority investment. PhonePe is actively preparing for a public listing (IPO) on Indian stock exchanges, targeting a valuation of $9–10.5 billion.
How Much Funding Has PhonePe Raised?
- Corporate Round (Flipkart Investment)
- Amount Raised: USD 28,000,000
- Date: April 2020
- Lead Investors: Flipkart
- Notes: Flipkart invested $28M into its payments arm PhonePe.
- Corporate Round (Spin-off)
- Amount Raised: USD 700,000,000
- Date: December 2020
- Lead Investors: Walmart
- Participants: Tencent, Tiger Global Management
- Notes: Announced December 2, 2020; valuation of $5.5 billion. Completed in two tranches (Dec 2020 and Aug 2021). Walmart led with ~$281.5M, Tencent $50M, Tiger Global $16.5M in the second tranche.
- Corporate Round (Second Tranche)
- Amount Raised: INR 1,500,000,000 (~$20M)
- Date: December 2020
- Lead Investors: Flipkart
- Notes: Separate Flipkart capital infusion into PhonePe Pvt Ltd concurrent with the spin-off process.
- Private Equity Round (Series D – First Tranche)
- Amount Raised: USD 350,000,000
- Date: January 19, 2023
- Lead Investors: General Atlantic
- Valuation at Round: $12 billion (pre-money)
- Notes: Start of PhonePe's 2023 fundraising target of ~$1 billion.
- Private Equity Round (Second Tranche)
- Amount Raised: USD 100,000,000
- Date: February 14, 2023
- Lead Investors: Undisclosed (no lead specified)
- Participants: Ribbit Capital, Tiger Global Management, TVS Capital Funds
- Valuation at Round: $12 billion
- Corporate Round (Walmart)
- Amount Raised: USD 200,000,000
- Date: March 17, 2023
- Lead Investors: Walmart
- Valuation at Round: $12 billion (pre-money)
- Private Equity Round (Fourth Tranche)
- Amount Raised: USD 100,000,000
- Date: April 12, 2023
- Lead Investors: General Atlantic
- Valuation at Round: $12 billion
- Private Equity Round (Fifth Tranche)
- Amount Raised: USD 100,000,000
- Date: May 21, 2023
- Lead Investors: General Atlantic
- Valuation at Round: $12 billion
- Notes: Brought total raised in the 2023 fundraising round to $850 million.
- Secondary Market Round
- Amount Raised: USD 600,000,000
- Date: October 29–30, 2025
- Lead Investors: General Atlantic
- Valuation at Round: Approximately $14.5 billion (implied)
- Notes: A secondary share purchase (not primary capital raise); General Atlantic doubled its stake from ~4.4% to ~9%. Funds were primarily used to cover employee ESOP tax obligations. No new capital entered PhonePe directly.
Total Amount Raised: At least $2.18B based on disclosed USD-denominated funding rounds (approximately $2.2B+ when including the INR-denominated Flipkart round). Multiple sources (PitchBook, Owler) estimate cumulative total at approximately $2.85B–$3.0B across all disclosed and undisclosed rounds.
Key Investors
- General Atlantic
- Details: General Atlantic is a leading global growth equity firm that has been PhonePe's most active investor since 2023, leading the January 2023 $350M round and participating in four additional tranches totaling over $950M (including the $600M October 2025 secondary purchase). Partner Shantanu Rastogi led the investment. General Atlantic now holds approximately 9% of PhonePe.
- Walmart
- Details: Walmart is PhonePe's majority shareholder, having led the December 2020 $700M corporate round that spun PhonePe out of Flipkart at a $5.5B valuation, and subsequently invested an additional $200M in March 2023. Walmart's ownership gives PhonePe strong backing from one of the world's largest retailers.
- Flipkart
- Details: Flipkart originally acquired PhonePe in 2016 and funded it extensively until the December 2020 spin-off, including a $28M corporate round in April 2020. Flipkart remains a major shareholder post-separation.
- Tiger Global Management
- Details: Tiger Global participated in the December 2020 corporate round (contributing $16.5M in the second tranche) and the February 2023 $100M round, demonstrating long-term confidence in PhonePe's growth trajectory.
- Ribbit Capital
- Details: Ribbit Capital, a fintech-focused VC firm, participated in the February 2023 $100M funding round alongside Tiger Global and TVS Capital Funds.
- TVS Capital Funds
- Details: TVS Capital Funds, an Indian private equity firm, co-invested in the February 2023 $100M round alongside Ribbit Capital and Tiger Global Management.
What's Next for PhonePe?
PhonePe is actively pursuing its much-anticipated IPO on Indian stock exchanges, targeting a valuation of $9–10.5 billion. The company is expanding beyond digital payments into adjacent financial services including wealth management, insurance, and small-business services. With over 600 million registered users, dominance in the UPI payments space, and improving financial performance — revenue grew 40% to ₹7,115 crore in FY2025 — PhonePe is well-positioned to become one of India's most significant publicly listed fintech companies.
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